Elk Petroleum reports US$4.6M in revenue in Q1

Company News

by Kathy Skantzos

Elk Petroleum (ASX:ELK) has reported in its Q1 FY2018 report increased revenue to US$4.6 million from the previous quarter.

Production increased while the average sale price has dropped.

Its Grieve Central Production facility is coming to completion with all major production components delivered.

The Madden Gas Field has seen an increase in reserves and production, up 13 per cent, with profitable gas production foreseeable for up to the next 50 years.

The acquisition of the Aneth Oil Field brings Elk to being one of the largest CO2 enhanced oil recovery (EOR) operators and producers in the Rocky Mountains in the US.

Shares in Elk Petroleum (ASX:ELK) are trading flat at 6.3 cents.